The house of representatives has approved the request by
President Muhammadu Buhari to secure an additional N1 trillion loan from the
Central Bank of Nigeria (CBN).
The loan will be used to fund the 2022 supplementary budget.
The lawmakers approved the request on Tuesday following the
consideration and adoption of the committees on finance, banking and currency,
and aids, loans and debts management.
The house, however, deferred the request to securitise the
N22.7 trillion ways and means loans, pending “further engagement with the
executive by the joint committee to allow for a thorough and detailed work and
submissions”.
Femi Gbajamialia, speaker of the house of representatives,
said the N22.7 trillion request would be considered after the lawmakers resume
from recess.
In 2022, the president had written to the national assembly,
seeking approval for the ways and means advances.
“The ways and means advances by the Central Bank of Nigeria
to the federal government has been a funding option to the federal government
to cater for short term or emergency finance to fund delayed government
expected cash receipt of physical deficit,” Buhari had said in the letter.
“The ways and means
balances as at 19th December 2022 is N22.7 trillion.”
Recall that the senate suspended approving the
request after some lawmakers protested against it.
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So all that noise was initial gragra?
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